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that the fiscal cliff won't hit the economy right away. tell actually give lawmakers more time to continue negotiating. but how long can our economy take the uncertainty? >> it is not just uncertainty. we have had that factored in. the reality is that unless the president suspends the increase in payroll taxes that are going to take place, not just social security, but withholding for income tax, while they continue to negotiate, we have gone off the cliff. in the month of january, people will live off their credit cards, but they can only do that so long. come february and march, the higher taxes will require adjustments in the spending habits of folk who is make between $25,000 and $100,000 a year. i would point out that this is no reason to give the president everything he wants and pass that bill that he proposes because if the republicans do that, they lose all their leverage. i have news for most people. if we dont curb our spending, everybody's going to have to pay the higher taxes in the end because things are flying out of ceil. >> no one's talking about spending cuts right now t.
. >> so despite its name, a lot of strategists say that the fiscal cliff will not hit the economy right away and that could give lawmakers some time to continue negotiating, perhaps, but it's unclear how long the market will tolerate that uncertainty. so, what if no deal is reached and no action is taken? >> well, heather, i actually believe that might be the best outcome of all. when we look at it, there's not really a cliff. what happens on wednesday morning, the first day of the year, we'll roll out of bed and put the gasoline in our car and go to work. so there's not going to be a big change immediately. there will be an increase in taxes, something that's already been agreed to. you know, 12 years ago they agreed to the bush tax cuts would have a sunset provisions and the cuts to spending that will occur were agreed to two years ago with the debt ceiling agreement. so they already have a compromise agreement, they're just trying to change that compromise. >> and speaking of change, what if a partial deal is reached, which is what we're talking about right now, through possibly that
from the nation's capital. you know, the final 48 hours ticking away to the fiscal cliff deadline. will there be a deal or will the $500 billion in spending cuts and tax hikes actually kick in? right now, negotiations going on behind closed doors. this while president obama has joined leaders in it both parties to make the case to the american people by appearing on the morning public affairs programs this morning. both sides pitching their proposals. but at this late point, some say any chance that congress has of averting the fiscal cliff will take serious late night legislative wrangling. good morning. i'm eric shawn. i'm heather childers in for jamie colby. without a deal the countdown to 2013 also a countdown to smaller pay checks for nearly all americans as the fiscal cliff tax hikes are set to take a bigger bite and the military facing serious cutbacks along with other federal programs that millions of americans count on. >> ed henry live at the white house with the latest on the negotiations. ed, we are really getting down to the wire. what did the president say this morni
own budget battle right now, the fiscal cliff. and the fact that the president wanted to tax the wealthy at a higher rate than what the middle class would get. there is something we might be able to learn from what's going on in france right now? >> i think the thing to learn at the moment that they've been trying in france is probably second nature to an american. what they're trying to learn in france is that it's not bad news to be an entrepreneur. if you have this entrepreneur spirit, you can do it. but you do have to put things in slowly and to reach out and i think that's where the president of france has lost a lot of ground. he didn't get a lot of people on his side, even though he said that this tax hike would only be for a very small proportion of the population and would only be for two years. but because it was seen to have been rushed through, not properly spelled out, it was difficult. >> kelly: one final question, if i may, what kind of deficit reduction would this tax be able to provide for the people of france, if you incur 75% tax because you just happen to
this fiscal cliff is really all about. we're talking about automatic tax cuts that will go into place as well as drastic, draconian cuts in entitlement programs, medicare, and even the military. the military can suffer very greatly if this goes through the sequestration. if you look at all this, you realize something has got to be done, because $2,000 per average taxpayer will be added to them over the course of this year if they fail to do something, what is going to happen? what is your prediction, brad? >> well, my prediction is, that we're likely to go over the cliff because the president also knows, kelly, in 2013 any deal made then can be retroactive to january 1st. so the draconian cuts we're talking about can be wiped away with the stroke of a pen should a deal be made. i believe the president believes he is in stronger position if he deal doesn't go through now because he believes he will have better leverage in january. kelly: sear lena? >> he has better leverage i agree with brad about that. he can come to congress after january 1 and pass tax cuts only for those making under $250,
in spending right now. >> arthel: thank you very much. >> gregg: congress is not only facing a fiscal cliff, it's up a dairy clarify, if you will. the current farm bill is set to expire on new year's day. if an extension of that is not passed, the farm policies would revert to laws back to 1949 and cost of milk, that could skyrocket. back then the government used a formula to calculate dairy prices that is much more expensive than it is today. one option said to be on the table is short term extension that would prevent milk prices from rising. >> arthel: to other stories. a judge ordering a psychiatric evaluation for a woman suspected of shoving a man off a new york public is way platform. he was arraigned last night on murder and hate crime. she confessed to pushing a man in front of a moving train telling them, i hindus and muslims. co-worker was was behind due. >> gregg: two missing boys from georgia have been found in texas an amber alert was issued, ages nine and seven when they didn't come back from a visit from their dad on wednesday. somebody recognized the trio and caught up with
avoid the fiscal cliff that will stop sequestration from going into effect. so the way things stand right now, secretary panetta will need to send 800,000 layoff notices to defense contractors on tuesday. >> if the president doesn't deal with this then he is a lousy commander in chief. if there is a deal done that doesn't set aside the defense cuts because we have is already cut $489 billion out of the defense department, then i'm very disappoin disappointed ine president as commander in keefe and disappointed in the republican party for allowing this to even be a possibility because the party of ronald reagan would never let this happen. >> the sequester s a self-imposed punishment put in place when the bipartisan supercommittee couldn't come together to pick and choose $1.2 trillion worth of cuts that would have been easier to live with. now, the automatic cuts will be across-the-board and president obama's solution to soften the blow of the sequester is to raise taxes on the rich. >> if we have raised some revenue you by wealthy paying a little bit more that would be sufficient t
Search Results 0 to 6 of about 7